Opening a Wells Fargo account costs nothing upfront

Wells Fargo does not charge a fee to open a checking or savings account. You can walk into a branch, call 1-800-869-3557, or open an account online at wellsfargo.com without paying an account opening fee. The bank does charge monthly maintenance fees on most accounts, but those start only after the account is open and active.

The real cost question is not whether opening is free—it is what you will pay each month to keep the account open. That depends on which account type you choose and whether you meet the bank's conditions to waive the monthly fee.

Key Takeaways

  • Wells Fargo charges no fee to open a checking or savings account, but most accounts carry a monthly maintenance fee that begins after opening.
  • The Everyday Checking account costs $10 per month unless you maintain a $500 minimum daily balance or set up direct deposit.
  • The Way2Save Savings account costs $5 per month unless you maintain a $500 minimum daily balance or make five transfers per month.
  • You can waive monthly fees by meeting one of the bank's conditions, which vary by account type and change periodically.
  • Wells Fargo also charges overdraft fees ($35 per transaction), out-of-network ATM fees ($2.50), and wire transfer fees ($15 domestic, $25 international).

Monthly maintenance fees by account type

Wells Fargo's most common checking account is Everyday Checking, which carries a $10 monthly maintenance fee. You can waive this fee by maintaining a minimum daily balance of $500, setting up direct deposit of any amount, or having a linked Wells Fargo savings account with a $500 minimum balance. If you do none of these, you pay $10 every month the account is open.

Way2Save Savings costs $5 per month. The fee is waived if you maintain a $500 minimum daily balance or make five or more transfers or withdrawals in a calendar month. Most people find the transfer condition easier to meet than the balance requirement.

Wells Fargo also offers Gold Checking, which costs $15 per month and is designed for customers who want higher limits and additional services. The fee waiver requires a $1,500 minimum daily balance or $1,500 in linked savings. Platinum Checking costs $20 per month and requires a $2,000 minimum daily balance or $2,000 in linked savings to waive the fee.

These fees and thresholds can change. Before opening an account, ask a Wells Fargo representative or check the account disclosure document online to confirm the current fee structure and waiver conditions.

Other costs you may encounter

Overdraft fees are $35 per transaction if you spend more than your balance. Wells Fargo allows overdrafts on debit card purchases and ATM withdrawals, though you can opt out of overdraft coverage for debit transactions. If you opt out, the transaction will be declined instead of charged a fee.

Out-of-network ATM fees are $2.50 when you use an ATM that does not belong to Wells Fargo. This fee is charged by Wells Fargo; the other bank's ATM may charge an additional fee. Wells Fargo has a large ATM network, so you can avoid this fee by using their machines.

Wire transfer fees are $15 for domestic transfers and $25 for international transfers. These are charged when you send money to another bank account outside the Wells Fargo system. ACH transfers (which move money between banks but take one to three business days) are free.

Cashier's check fees are $10 per check. Stop payment fees are $35 per request. Account research fees (if you ask Wells Fargo to investigate a transaction) are $25 per hour, with a $50 minimum.

How to minimize monthly costs

The easiest way to avoid the $10 Everyday Checking fee is to set up direct deposit. This means your employer, government agency, or other income source deposits money directly into your Wells Fargo account. Direct deposit of any amount—even $1—counts toward the waiver. If you receive a paycheck, Social Security, or unemployment benefits, you likely already have direct deposit set up elsewhere; you just need to change the account number to your Wells Fargo account.

If direct deposit is not an option, maintain a $500 minimum daily balance. This means your account balance must never drop below $500, even for a day. If you live paycheck to paycheck, this may be difficult. The alternative is to link a Wells Fargo savings account with a $500 balance, which also waives the checking fee.

For the Way2Save Savings account, the five-transfer rule is usually simpler than the $500 balance. You can make five transfers or withdrawals per month—to another account, to pay a bill, or to withdraw cash—and the $5 fee is waived. After five transfers, additional ones may be restricted or charged, depending on the account type.

Opening an account online versus in person

Opening online at wellsfargo.com takes about 10 minutes and requires your Social Security number, date of birth, address, and a government-issued ID. You can fund the account immediately with a transfer from another bank account, or you can leave it empty and deposit money later. Online accounts are fully functional the same day.

Opening in a Wells Fargo branch takes longer—usually 20 to 30 minutes—but a banker can answer questions about which account fits your needs and help you set up direct deposit or linked accounts on the spot. You can open with as little as $25 in some cases, though the bank may ask for more. Bring a government-issued ID and your Social Security number.

Opening by phone at 1-800-869-3557 is also possible, but you will need to fund the account by transfer or mail a check, which takes longer. Most people find online or in-branch opening faster.

What happens if you cannot meet the fee waiver conditions

If you cannot maintain a $500 balance and do not receive direct deposit, you will pay the monthly maintenance fee. For Everyday Checking, that is $10 per month, or $120 per year. Over five years, that adds up to $600 just in fees.

If the monthly fee is a burden, consider whether a different bank might suit you better. Some online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. However, they may have fewer ATM locations or branch offices, which matters if you prefer in-person banking or need cash frequently.

If you already have a Wells Fargo account and are paying the monthly fee, call 1-800-869-3557 and ask whether you can switch to a different account type or whether the bank can waive the fee based on your account history or circumstances. Banks sometimes make exceptions for long-term customers.

Frequently Asked Questions

Can I open a Wells Fargo account with no money?

You can open an account online or by phone with $0, but in-branch opening usually requires a small deposit, often $25. Once the account is open, you can leave it empty or add money later. However, if the account sits unused for a long time, Wells Fargo may close it.

Do I have to pay the monthly fee if I just opened the account?

The monthly maintenance fee starts the month after you open the account, not immediately. So if you open on the 15th of the month, you will not be charged until the following month. Use that time to set up direct deposit or arrange a transfer to meet the waiver conditions.

What if I close my account after a few days?

Wells Fargo does not charge a fee to close an account. However, if you close within 90 days of opening, the bank may report you to ChexSystems (a banking history database), which can make it harder to open accounts at other banks. Avoid closing accounts quickly unless absolutely necessary.

Are there any Wells Fargo accounts with no monthly fee?

Wells Fargo's standard checking and savings accounts all carry monthly fees, but those fees can be waived by meeting the bank's conditions. Some online-only banks and credit unions offer accounts with no monthly fee and no minimum balance, though they may not have physical branches.

Do student accounts or senior accounts cost less?

Wells Fargo offers a student checking account with a $0 monthly fee for customers under 25, as long as you have a valid student ID. Senior accounts may have different fee structures; call 1-800-869-3557 to ask about accounts for customers 55 and older.